Gentoo Media (G2M) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong growth in player intake and deposit value, but revenue declined 9% year-over-year to EUR 22.9 million, impacted by portfolio simplification and softer sports margins.

• Adjusted EBITDA before special items rose 5% to EUR 8.9 million, with margin expanding to 39% due to cost discipline and lower OPEX.

• Operational focus was on core brands, technology upgrades, and AI-driven efficiency improvements.

Financial highlights

• Revenue for Q2 2026 was EUR 22.9 million, down 9% year-over-year.

• Adjusted EBITDA reached EUR 8.9 million, up 5% year-over-year, with margin rising to 39%.

• Net profit for Q2 was EUR 2.7 million, compared to a loss of EUR 0.5 million in Q2 2025.

• Operating cash flow was EUR 6.4 million, down 13% year-over-year, but up 13% excluding accelerated supplier payments.

• Marketing expenses were EUR 6.8 million, down 19% year-over-year but up 25% quarter-over-quarter.

Outlook and guidance

• Full-year 2026 revenue guidance revised to EUR 97-100 million from EUR 105-115 million due to softer H1 performance and lower World Cup earnings.

• Adjusted EBITDA guidance lowered to EUR 44-47 million from EUR 49-54 million, but still up 7–14% year-over-year.

• Adjusted EBITDA margin expected at 45-47% (previously 47%).

• Cash flow from operations guidance reduced to EUR 32-36 million.

• Management expects increased revenue contribution from new player cohorts in H2, assuming historical seasonal uplift.